Mining Minutes

Pretium Lists Adjusted 1Q Profit; Brucejack Ramp-Up Continues

Pretium Resources Inc. (TSX, NYSE: PVG), which is ramping up the Brucejack Mine in British Columbia, reports an adjusted profit in the first quarter. Production totaled 75,689 ounces of gold and 94,730 ounces of silver, with officials reporting that output improving steadily through the first quarter. There is no comparable information from the year-ago quarter since Brucejack achieved commercial production on July 1. The company lists a net loss of $8.1 million, or 4 cents per share. Adjusted earnings were $5.8 million, or 3 cents. “The Brucejack Mine is generating free-cash flow, and we are on track to achieving H1 2018 guidance of $900 to $700 per ounce of gold sold,” says Joseph Ovsenek, president and chief operating officer. “We remain confident that we will deliver on our H1 2018 AISC [all-in-sustaining-cost] guidance, as well as our production guidance of 150,000 to 200,000 ounces of gold and expect to achieve steady-state production by mid-to-late 2018.”

SSR Mining Reports Smaller 1Q Adjusted Profit

Thursday May 10, 2018 08:23

SSR Mining Inc. (NASDAQ, TSX: SSRM) reports an adjusted profit of $5.7 million, or 5 cents per share, in the first quarter. This is down from $19.7 million, or 17 cents, in the same period a year ago. The company lists a net loss of $2.3 million, or a penny, compared to a profit of $15 million, or 13 cents, in the same quarter of 2017. Revenue decreased by 17% from a year ago mainly due to the expected declines in sales at Puna operations as a result of processing lower-grade stockpiles, and at the Marigold mine due to planned production and leach cycles. "We produced over 78,000 gold-equivalent ounces with all three operations performing well during the quarter,” says Paul Benson, president and chief executive officer. At the mid-point of guidance, the company expects to produce 340,000 gold-equivalent ounces in 2018.

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